There's unlikely to be any official reaction from Beijing to the unilateral tariffs before Wednesday, when China reopens after the Lunar New Year holiday. China's U.N. envoy Fu Cong did say on Monday, however, that China could be forced into taking counter measures.
One option many observers say Beijing may pursue is allowing its currency to fall significantly, which would offset the tariffs. Pressure on the yuan could be pretty intense when trading reopens later this week - the offshore yuan traded in Hong Kong hit a record low against the dollar on Monday before clawing back some of these losses.
Asian stocks got beaten down pretty badly on Monday. The MSCI Asia ex-Japan index, the Nikkei 225 and other major benchmark indices posted their biggest declines in several months, but Japanese futures are pointing to a rebound of more than 1% on Tuesday.
For what it's worth, market expectations for U.S. interest rates this year have not budged much at all. Investors still expect two more quarter-point cuts, the first coming in July rather than June.
U.S. Treasury yields fell on Monday, surprising some analysts who would have expected the opposite reaction due to the expected inflationary impact of tariffs. A lower dollar and U.S. bond yields should bode well for Asia on Tuesday.
Markets in Asia could get some direction from Japan, where the corporate reporting season is underway. The list of companies releasing results on Tuesday include heavyweights Panasonic, Nintendo, Mitsui, Mitsubishi UFJ and Sumitomo.
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